 "Engineering exports to Russia more than doubled to $123.6 mn in July: EEPC")
Engineering goods exports to Russia continued its uptrend and more than doubled to USD 123.65 million in July 2023 as against USD 55.65 million in the corresponding period a year ago, according to data released by EEPC.
During the same period this year, engineering exports to the US declined 10.4 per cent on-year to USD 1.44 billion, it said.
Engineering shipments to China during in July also fell 10 per cent year-on-year to USD 197.98 million, the data released by the Engineering Export Promotion Council showed.
Among the 25 key markets for Indian engineering goods, which contribute to more than 76 per cent of total exports, 14 countries witnessed a year-on-year decline in July, it said.
India's overall engineering exports dropped 6.62 per cent to USD 8.75 billion in the month under review from USD 9.37 billion in the year-earlier period.
This was mainly due to a fall in exports of iron, steel and aluminium coupled with reduced global demand, EEPC said.
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EEPC India Chairman Arun Kumar Garodia said in such a situation, there is a need for the country to diversify into other markets.
"Eight consecutive months of y-o-y decline since December 2022 reflects the depressing scenario of global trade. It is an opportunity for the Indian exporters to diversify into the African and Latin American markets, he said.